The 2024 Millionaire’s Club: 3 Penny Stocks to Buy Now

Stocks to buy

One of the best ways to spot opportunities in penny stocks to buy is by following insiders. Most notably, insiders who are putting their money where their mouth is.

After all, it’s the insiders who know their company the best. And if they’re buying a sizable number of shares, it’s often a good idea to start looking into why and perhaps follow them.

That’s because they’re typically privy to information on new products, competition, and the operating environment of the firm.  We have to consider that insiders who are buying their stock wouldn’t put up their own money unless they believed the move would be profitable.  

Of course, it’s also essential that you do your due diligence with penny stocks. And you must pay close attention to penny stock warnings from the U.S. SEC, which says:

“Penny stocks may trade infrequently — which means that it may be difficult to sell penny stock shares once you have them. Because it may also be difficult to find quotations for penny stocks, they may be impossible to price accurately. Investors in penny stocks should prepare for the possibility that they may lose their whole investment.”

That being said, here are some top penny stocks to buy.

OPKO Health (OPK)

Source: Roman Zaiets / Shutterstock.com

OPKO Health Chairman and Chief Executive Officer (CEO) Phillip Frost, M.D. has been aggressively buying shares this year. Since February, he bought about 5.36 million shares between $0.8742 and $1.2878 a share. Now at $1.37, he’s showing a nice win so far.

Better, there’s still plenty of upside potential with the OPK stock. In addition, analysts have a unanimous strong buy rating on the stock, with an average price target of $3.17.

Unfortunately, earnings haven’t been so hot. Its net loss widened to $81.8 million from $18.3 million year over year. Its earnings per share loss of 12 cents was greater than the three-cent loss posted a year earlier. Revenue also slipped 27% year over year to about $173.7 million. 

While that’s not the greatest news, a great deal of negativity is already part of the stock. Plus, the massive insider buying is very encouraging.

Corvus Pharmaceuticals (CRVS)

Source: shutterstock.com/Champhei

Earlier this month, Corvus Pharmaceuticals (NASDAQ:CRVS) CEO Richard Miller, M.D. bought 577,634 shares at $1.73 each. Now up to $2.10, he’s showing a win so far. 

Better, the stock could take off from here, as it nears a potential Phase 3 trial for soquelitinib for relapsed PTCL, or peripheral T-cell lymphoma, which is a group of rare blood cancers.  At the moment, there are no US FDA-approved treatments for relapsed PTCL. It did grant an Orphan Drug Designation for soquelitinib for the treatment of T-cell lymphoma.

In addition, as noted in a company press release: “We continue to make strong progress with our two key priorities for the year – advancing soquelitinib for PTCL and generating early data for soquelitinib for atopic dermatitis.”

“We are encouraged that two newly evaluable PTCL patients from the soquelitinib Phase 1 trial achieved objective responses – one complete response and one partial response – as we move forward with our plans for a registration Phase 3 trial that is on track to be initiated in the third quarter,” they added.

Intrusion (INTZ)

Source: BeeBright / Shutterstock

Another one of the top penny stocks to buy is cybersecurity stock, Intrusion (NASDAQ:INTZ). Granted, it doesn’t have the most attractive chart. But don’t overlook it. The company’s CEO Anthony Scott recently bought 588,748 shares at $1.70 each. Now at $1.53, he’s down on the position. Analysts also have a moderate buy rating on the stock with an incredible average price target of $11.25, according to TipRanks.com.

Earnings weren’t great here either, but the insider buying is encouraging. In its first quarter, the company posted an EPS loss of 94 cents, which beat expectations by 26 cents. That represents a big improvement from the $4.49 per share loss recorded year over year. Revenue of $1.1 million, which was down 15.4% year over year, missed by $170,000.

“During the first quarter, we continued to make progress toward growing our Intrusion Shield customer base as we build on the strong momentum we experienced at the end of 2023,” said the company’s CEO.

“Our robust Shield partnerships have continued to benefit our business, which is evident by the announcement that we made recently with iOne Resources, where Intrusion’s technology will be a part of a $25 million award to help protect the cybersecurity and integrity of the midterm elections in the Philippines.”

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.

Read More:Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.

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